Independent Broker Dealers

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Wirehouse advisors lead broker-dealers, RIAs in direct indexing bullishness: survey
RIA NEWS MAY 19, 2025
Wirehouse advisors lead broker-dealers, RIAs in direct indexing bullishness: survey

Two-thirds of direct indexing users expect to ramp up adoption, particularly in the high-net-worth space, though many still face operational barriers.

By Leo Almazora
CFO exits B. Riley after beleaguered firm's latest missed deadline
INDEPENDENT BROKER DEALERS MAY 19, 2025
CFO exits B. Riley after beleaguered firm's latest missed deadline

The incoming executive, whose career includes a stint at Wells Fargo Advisors, comes with significant experience in staging corporate turnarounds.

By Leo Almazora
Avantax, Cary Street Partners reveal latest acquisitions
INDEPENDENT BROKER DEALERS MAY 16, 2025
Avantax, Cary Street Partners reveal latest acquisitions

The tax-focused community within Cetera deepens an existing partnership as CSP grows to $10.7 billion in AUM with a new Florida location.

By Leo Almazora
Suspended broker went all in with alternative investment GWG bonds: FINRA
ALTERNATIVES MAY 16, 2025
Suspended broker went all in with alternative investment GWG bonds: FINRA

"It should be literally impossible for a broker to put 96% of a client's money in any investment," said one attorney.

By Bruce Kelly
Advisor moves: RBC, Wells Fargo welcome UBS alums
INDEPENDENT BROKER DEALERS MAY 16, 2025
Advisor moves: RBC, Wells Fargo welcome UBS alums

Meanwhile, Raymond James bolsters its employee advisor channel with a former Janney pair in Pennsylvania.

By Leo Almazora
Five Atria-affiliated credit unions depart to Osaic
RIA NEWS MAY 15, 2025
Five Atria-affiliated credit unions depart to Osaic

The latest defections from CUSO Financial Services, which operates within LPL, add nearly $500 million in client assets to Osaic's institutional platform.

By Leo Almazora
Is LPL's new ad campaign 'pitch perfect' for advisors?
INDEPENDENT BROKER DEALERS MAY 15, 2025
Is LPL's new ad campaign 'pitch perfect' for advisors?

The campaign series features "Pitch Perfect" film star Anna Kendrick delivering the message, "What if you could?"

By Bruce Kelly
Federal judge dismisses LPL's defamation suit against Ameriprise
INDEPENDENT BROKER DEALERS MAY 15, 2025
Federal judge dismisses LPL's defamation suit against Ameriprise

But that doesn't mean the contentiousness between the two is over.

By Bruce Kelly
Rothschild Wealth Partners, NBC Securities expand C-suite
RIA NEWS MAY 14, 2025
Rothschild Wealth Partners, NBC Securities expand C-suite

The firms expect their newest C-level hires, one coming from Morningstar and the other with experience from Morgan Stanley and Stifel, to help drive their respective growth efforts.

By Leo Almazora
Advisor moves: Osaic affiliate adds $210M planner from Valic as Wells Fargo bolsters employee channel
RIA NEWS MAY 13, 2025
Advisor moves: Osaic affiliate adds $210M planner from Valic as Wells Fargo bolsters employee channel

Wells Fargo's latest arrivals, including a seasoned veteran from UBS and Morgan Stanley, strengthen its presence in Ohio and New Jersey.

By Leo Almazora
Osaic in pay fight
INDEPENDENT BROKER DEALERS MAY 13, 2025
Osaic in pay fight

The giant broker-dealer network and Jim Nagengast, the former CEO of one of its biggest firms, are duking it out in public over compensation.

By Bruce Kelly
Florida non-compete bill backed by Citadel bodes ill for advisor mobility
RIA NEWS MAY 09, 2025
Florida non-compete bill backed by Citadel bodes ill for advisor mobility

As other states curb non-competes, the East Coast growth hub could soon become the most employer-friendly jurisdiction in the US.

By Leo Almazora
Private placement executives from GPB Capital, guilty of fraud, get seven and six years in prison
ALTERNATIVES MAY 09, 2025
Private placement executives from GPB Capital, guilty of fraud, get seven and six years in prison

Last summer, the two, David Gentile and Jeff Schneider, were found guilty of fraud in federal court in Brooklyn and received their sentencing today.

By Bruce Kelly
Advisor moves: Veteran UBS ensemble managing $2B splits to Sanctuary
RIA NEWS MAY 09, 2025
Advisor moves: Veteran UBS ensemble managing $2B splits to Sanctuary

Elsewhere, Raymond James adds two advisors from Edward Jones and LPL, forming an LGBTQ+ focused practice in New Hampshire.

By Leo Almazora
LPL's Steinmeier is on his bicycle convincing Commonwealth advisors to join up
RIA NEWS MAY 09, 2025
LPL's Steinmeier is on his bicycle convincing Commonwealth advisors to join up

Led by its CEO, LPL is engaging in what sounds like a charm offensive with some Commonwealth advisors.

By Bruce Kelly
LPL reports strong first quarter with assets up to $1.8T, earnings above consensus
INDEPENDENT BROKER DEALERS MAY 08, 2025
LPL reports strong first quarter with assets up to $1.8T, earnings above consensus

Recruited assets, organic growth both powered ahead.

By Steve Randall
LPL faces states' regulatory actions on emails, chat app snafus
INDEPENDENT BROKER DEALERS MAY 08, 2025
LPL faces states' regulatory actions on emails, chat app snafus

The firm has been dogged by compliance issues for years, resulting in multiple fines by various regulatory bodies.

By Bruce Kelly
Advisor moves: LPL welcomes women-led B. Riley team as RayJay reels in father-son pair from Wells Fargo
INDEPENDENT BROKER DEALERS MAY 07, 2025
Advisor moves: LPL welcomes women-led B. Riley team as RayJay reels in father-son pair from Wells Fargo

Elsewhere, Wells Fargo also recently announced several new hires from Cetera, Merrill Lynch, and JPMorgan.

By Leo Almazora
Changes at Cetera: John Lefferts to lead indie advisor community as Clint Brookshire heads up Avantax
FINTECH MAY 07, 2025
Changes at Cetera: John Lefferts to lead indie advisor community as Clint Brookshire heads up Avantax

The leadership changes are happening just as the firm forges a strategic partnership with AI notetaking leader Jump.

By Leo Almazora
Sales of alternative investments keep booming in 2025
ALTERNATIVES MAY 06, 2025
Sales of alternative investments keep booming in 2025

Fund flows - meaning sales of products - in March were “surprisingly resilient.”

By Bruce Kelly